On January 29th, in Cardiff, the capital of Wales, amidst the quintessentially British weather of light rain, stands the headquarters of IDWAL, a company that specializes in inspection, technology, and data services. Greeted by the firm handshake of CEO Nick Owens, it’s hard to imagine that IDWAL began in 2010 as a small enterprise with just two to three employees. Yet, since 2019, it has grown into a corporation that has conducted more than 12,500 vessel inspections across 100 countries worldwide. “Hard work leads to success,” states Owens, as we discuss the reasons behind IDWAL’s success. Furthermore, on January 24th, the company announced a new service, IDWAL ID, to the world. We sat down with Owens at IDWAL’s headquarters to delve into this innovative service. (Interviewer, Hirofumi Yamamoto)
■Aggregating Over 10 Million Data Points
- On January 24th, at an event in London, the new service ” IDWAL ID” was unveiled to the global audience. The essence of this service is a ‘condition improvement program’ which effectively utilizes the vast amount of ship inspection data accumulated by IDWAL to provide customers with a unique benchmarking proposition, alongside a defect management and close-out solution “That’s exactly right. Over the past four years, IDWAL has collected more than 10 million data points from its vast inspection activities. We analyze this data to grade ships and benchmark their condition against the global average. For instance, an operator or shipowner who wishes to compare the condition of their fleet against others can simply access IDWAL ID to find out where they stand on a global benchmark. The basis for this evaluation is the actual inspection data collected by IDWAL inspectors during their visits to the ships, which is then quantified and compared. This data represents the ‘raw data’ from our inspections, unique to our company.”
–At the event held in London, George Haysom, the Chief Commercial Officer (CCO) of IDWAL, gave a comprehensive presentation on IDWAL ID. He demonstrated how shipping companies could utilize this platform to assess the performance of their ships or fleets. As a follow-up, I am curious to know about the audience’s reaction to this demonstration.
“The audience was evidently impressed by how IDWAL ID integrates market-leading inspection capabilities, maritime expertise, and digital technology, offering swift and easy access to all inspection information. IDWAL ID creates a secure, one-stop shop for data services that can be analyzed, shared, and updated. This enables users to make confident, informed decisions based on information that provides a clear business case for necessary adjustments. Additionally, customers can optimize budget spending, and operational efficiency and avoid potentially damaging results from regulatory inspections, such as SIRE, Port State Control, Rightship, and others. The platform also offers insights for enhancing ship efficiency and reducing fuel consumption, supporting the achievement of Carbon Intensity Indicator (CII) targets.”
■Engaging Directly with Japanese Clients
— The development of IDWAL ID was a collaborative effort involving multiple companies.
“In the course of developing IDWAL ID, we were fortunate to collaborate with several leading shipping companies such as Anglo-American, CMA-CGM, Cobelfret, Fednav, Swire Bulk, and Tufton. This platform was thoroughly tested and refined in cooperation with these organizations to ensure it delivers the right information and functionality. We are confident that this digital platform will facilitate time and cost savings, enable effective actions, and serve as a testament to excellence both internally within organizations and externally (for example, to shippers and charterers).”
–You’re planning a visit to Japan in early February, and I’m keen to understand the purpose behind this trip.
“I firmly believe that the cornerstone of business success is rooted in listening to our customers, comprehending their issues, and assisting them in finding solutions. It’s a source of pride for us to closely align with our clients, cater to their needs, and support their businesses through our services. In Japan, Mr. Kempu Arisawa has been pivotal in representing our company. His efforts have significantly expanded our clientele, especially among major Japanese maritime companies, over the past three years. My upcoming visit aims to meet with approximately twelve clients to listen to their feedback and foster closer relationships, emphasizing the importance of direct engagement and understanding.”
■Based in Wales,
— IDWAL has grown into the industry’s leading company, conducting over 3,000 ship condition inspections each year. This question might be impertinent, but why have you chosen to locate your headquarters in Cardiff rather than London?
“IDWAL was originally established in Cardiff, as a small subsidiary of a local dry bulk company. We can access London very easily and in today’s connected world, there is no reason for us to relocate to London. We are very proud to represent Wales and to ‘fly the flag’ for what is left of the Welsh shipping heritage. From the top floor of our current headquarters building, you can see the main port of Cardiff in front of us, which used to accept critical imports like grain and coal. Even now, we have ports in Wales that can accommodate Capesize (bulk carriers for iron ore) and LNG (liquefied natural gas) ships. Another advantage is that it’s not as overcrowded (or expensive) as London.”
–I’d like to know why you initially focused on ship condition inspections.
“Originally, I worked for a ship management and ship-owning company, where I gained experience in the sale and purchase (S&P) of vessels and the inspection of vessels. There was a clear need for a third-party inspection body to act in a neutral capacity for the sale and purchase of second-hand ships. This would enhance the transparency of the transactions involving these vessels. However, it wasn’t smooth sailing from the beginning. Back in 2010, we were a small company of just two or three people, part of a group called GRAIG, which owned and managed ships. Wanting to grow further, we entered the S&P market and developed a service for ship inspections. This was the origin of IDWAL.”
–The significant leap for IDWAL came after 2020 when the outbreak of COVID-19 halted global travel. IDWAL already had inspectors placed across Asia, Africa, Europe, and the Middle East, including China. How was this possible?
“I always felt the need for competent ship inspectors. So, we decided to recruit such talented staff worldwide. We utilized IT tools for this. We conducted interviews online and further provided training to the hired inspectors online. The pandemic made it impossible for global shipping companies to inspect ships for sale and purchase, nor could they verify second-hand ships with their own eyes. It was then that our IDWAL reports gained prominence as a trump card in sales contracts. The grading system of IDWAL reports has now become a global standard in the S&P market.”
–After receiving a major investment from the private equity fund LDC, what impact do you think this will have on the future of IDWAL?
“I felt that IDWAL needed funds to continue growing. LDC, being a private equity fund, has a good understanding of our business. With our management strategy, we aim to use LDC’s funds to leap further.”
— IDWAL has now expanded its service network worldwide.”
“In recent years, we established an office in Greece and Mr. Arisawa has been supporting the Japanese market. We also opened a Singapore office in 2023 and have had a Shanghai office since we started the business. Connecting with our clients in their local time zones and markets, is crucial to our success and we have more expansion plans for the future.
–Finally, I’d like to hear about your expectations for the Japanese market.
“The response from the Japanese maritime industry has been very positive. In Japan, the importance of ship inspections is being recognized not only by major shipping companies but also by Japanese shipowners and local banks. We aim to increase our direct interactions with them and have them understand the IDWAL ID services more deeply. Getting them to use our service is our primary goal moving forward.”
■Profile Nick Owens,
An experienced executive of over 20 years, Nick was appointed as Idwal CEO in 2020 and has led the rapid growth of Idwal through its digitalization journey and management buy-out from former shareholders Graig Shipping PLC, establishing Idwal as a globally respected independent ship inspection and solution provider, with a reputation for sustainable and innovative services in an evolving marketplace. As a strong believer in the adoption of technology solutions and the power of data to deliver transformative results, Nick is now driving the development of Idwal’s technology and data offering to further penetrate different maritime markets. Before joining Idwal as CEO, Nick was a Director at Graig Shipping PLC – a UK-based dry bulk shipowner, and its subsidiary ship management division Graig Ship Management Limited, having joined Graig in 2002. Nick is a chartered member of the Institute of Chartered Ship Brokers (MICS), qualified through examination, and sits as Vice Chairman of the South Wales and West Shipowners Association.